Iowa Code 489.703 – Known claims against dissolved limited liability company
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1. Except as otherwise provided in subsection 4, a dissolved limited liability company may give notice of a known claim under subsection 2, which has the effect as provided in subsection 3.
Terms Used In Iowa Code 489.703
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See Iowa Code 489.102
2. A dissolved limited liability company may in a record notify its known claimants of the dissolution. The notice must do all of the following:
a. Specify the information required to be included in a claim.
b. Provide a mailing address to which the claim is to be sent.
c. State the deadline for receipt of the claim, which may not be less than one hundred twenty days after the date the notice is received by the claimant.
d. State that the claim will be barred if not received by the deadline.
3. A claim against a dissolved limited liability company is barred if the requirements of subsection 2 are met and any of the following applies:
a. The claim is not received by the specified deadline.
b. If the claim is timely received but rejected by the company, all of the following apply:
(1) The company causes the claimant to receive a notice in a record stating that the claim is rejected and will be barred unless the claimant commences an action against the company to enforce the claim within ninety days after the claimant receives the notice.
(2) The claimant does not commence the required action within the ninety days.
4. This section does not apply to a claim based on an event occurring after the effective date of dissolution or a liability that on that date is contingent.